JSW Infrastructure

“And I would like to give you a caveat that despite Fujairah, we are now totally focused on the India operation that even in spite of Fujairah, we'll be able to meet the guidance that we have given you approximately nearing those numbers. So broadly, we stick to that commitment.”

“The additional rakes that we got into the system, so these came to the Q2 end. So these are now available for the entire H2 period.”

“In addition, the company has already committed a further INR6,000 crores of capex by placing orders for machinery, long-lead items and other civil work towards”

“So close to -- you can say that our committed expenditure till September '26, right from the start of our capex program, is now nearly close to INR14,250 crores.”

“At Dharamtar Port and Jaigarh Port, the berth side works are substantially completed and mechanization works are expected to be completed during Q1 FY28 for Jaigarh, while Dharamtar will be completed by Q4 '27.”

“So in Oman, we already have floated the tenders for the project, and we are going to receive the bid somewhere in mid-November. And we are also in the process of appointing the PMC for the project along with our MDO partner. And we expect work to start somewhere in Q4 of FY27.”

“In Murbe, we are already proceeding with land acquisition and the process of inviting tenders has already been done. And again, here, we expect the work to start somewhere in Q4 of FY27.”

“Consequently, 72 rakes have been operational since October, with the remaining 6 expected to be operationalized during November and December, providing further support to volume and earnings growth. A further 32 rakes are expected to be delivered over H2, which would take the total fleet size to 110 by March 2027.”

“We continue to build a diversified ports and logistics platform with a clear objective of expanding port capacity from the current 186 million tonnes per annum to 300 million tonnes by FY28 and further to 400 million tonnes by FY '30,”

“So currently, Jatadhar Port has got a waterfront permission for close to 3.5 kilometers, out of which the current development is around 690 meters to handle the 30 million tonnes in the first phase. As you rightly pointed out, we have already got the EC clearance for 52 million tonnes in Jatadhar.”

“Another 700 will give you another 30 million or 35 million. It depends on what kind of machinery you are putting into play. So you have an ample scope for taking it up to 100 or 120.”

“So it's a question that as and when the capacities increase, this generally take a time frame of at least 36 months.”

“On 29th or so, they will be giving the final permission for commissioning these 8 tanks for operations. So we expect to start operations somewhere in the first week of November.”

“So it is more of where the Dolvi plant is sourcing from which port. So here, it was from Dharamtar and the Mumbai anchorage combination. So going forward in the next 6 months, the combination will be Jaigarh and Dharamtar.”

“However, this will play out depending on the demand for products at that point of time in November, December. So it's a kind of a very fluid situation. Long-term prospects, extremely bullish, but immediate prospects, we have to wait and watch.”

“And we expect a historic cargo growth in Paradip coal terminal this year. So that drives the third-party cargo also.”

“So the next jump that we will see in group cargo will happen when Dolvi steel plant moves into its next phase of expansion.”

“The EBITDA margin was 49.4% versus 53.1% a year ago, the dip in port EBITDA margin was primarily driven by absence of volume, contribution from Fujairah and incremental volumes”

“In this quarter, if you see, the volume growth has primarily come from terminals, wherein, obviously, the EBITDA margins continue to be in the range of 30% to 35%. A slight dip has happened in Jaigarh volumes. That has also contributed to a drop in the overall EBITDA margin. But in H2, we expect a pickup in Jaigarh, which can enhance the overall port margins.”

“Operating EBITDA for the logistics segment stood at INR81 crores, up from INR25 crores, representing a 3.3x increase Y-o-Y. EBITDA margin expanded to 29% from 15%, driven by the growing contribution from rail logistics business.”

“The EBITDA margin is around 28% overall, whereas the margins for the rake business stood at around 90%, because in the revenue part, we only take the premium and the rebate. The haulage charges are netted off.”

“Consolidated depreciation was INR175 crores, and finance cost was INR108 crores in the current quarter, as compared to INR149 crores and INR99 crores, respectively, in the previous quarter ended September '25.”

“As of September 2026, we maintained a cash position of INR1,693 crores, underscoring one of the strongest balance sheets in the sector.”

“It will be broadly in line with what is there in H1 because whatever incremental borrowings are ongoing are all towards capex, wherein the interest cost is getting capitalized.”

“Further, the company has an outstanding capex creditors of nearly INR950 crores.”

“can be a slight increase in the interest cost on account of ROU spend because we have taken some rakes on these finance lease primarily. So there under the accounting entry, ROU expense will be there, which will be sitting in the finance expenses.”

“No, because we have invested the funds which we have raised net of, I mean, INR6,400 crores was something which we realized net of all the charges, and that has been invested in mutual funds and fixed deposits. And as and when the capex spend keeps happening, drawdown will be happening from that fund.”

“In the container cargo segment, we achieved a key milestone by signing the 30-year concession agreement for the 13 million ton per annum Outer Container Terminal project at NSD Dock, Kolkata. Once operational, the project will increase our total container handling capacity in Kolkata to approximately 1.4 million TEUs,”

“Beyond ports, we continued to strengthen our logistics platform during the period through the acquisition of NCR Rail Infrastructure Limited, approval for the development of an inland container depot at Kudathini, Ballari and the award of the Gati Shakti Cargo Terminal at Kulipalaiyam, Tamil Nadu.”

“Further update on Oman is in this quarter, we have subscribed to the equity capital by infusing INR40 crores waiting allotment.”

“We are looking at further bids which are coming up now in the southern part of India for containers as well as for liquids. On the bulk, we are participating, but it would be not very aggressively.”

“Escalations and all in Middle East, Fujairah Terminal contributed virtually no EBITDA during this period. And in fact, we have reported EBITDA loss of around close to INR16 crores in H1 on account of this international operations, primarily because of the fixed overheads sitting in the P&L.”

“It was for the full year, FY26, it was INR250 crores.”

“H1 of FY26, it is -- EBITDA was at INR134 crores from Fujairah.”

“PBT stood at INR431 crores, compared with INR463 crores in the corresponding period last year. The decline was primarily driven by unrealized forex losses on account of rupee depreciation, an upward shift in yield curve and higher depreciation charges,”

“So around INR16 crores is a negative contribution on account of -- because of the fixed overheads, which we continue to incur. Only thing is from Dibba Port and Fujairah Port, wherein we do the O&M contract, around INR4 crores of income we have received.”

“Currently, as I told you earlier also, the demand for storage tanks in that area has come down substantially because of the problem. The ships are not coming there.”

“There would be -- as with one shutdown that we'll be taking in Tuticorin for commissioning the berth there, that would be in a range of 30 days, but we are confident that we'll be keeping this guidance going of growth.”

“So our first priority will be to secure the capital expenditure, which we will be incurring to construct or reconstruct this storage stack. So that will be a priority rather than going for a loss of profit.”

“No. See, claims are still being assessed by the insurance company. One is obviously forensic study and all has been done on that. They are also awaiting for the state to declare whether it is a war or not.”

“So by end of September, we had close to 8 lakh tonnes of stock lying with us. And we had to refuse traffic. So once the weather started drying up and the transportation moisture limits came within the permissible limits, then only shipments started.”

“During the quarter, we also commenced interim operations at the 6.3 million ton per annum Kolkata container terminal, which was awarded in JulY25,”

“Yes, that's primarily because of the QIP proceeds which came in. It's interest on those QIP proceeds.”

“During H1 FY27, we handled 60.5 million tonnes of cargo, including 29.4 million tonnes in Q2, and our India operations grew 10% year-on-year, significantly ahead of industry growth of 5%,”

“Overall, on a consolidated basis, our operating revenue was INR2,926 crores for the first half of FY27, representing 18% year-on-year growth. Operating EBITDA for the period stood at INR1,348 crores, marking a 13% increase, while net profit reached INR686 crores.”

“Total consolidated operating revenue for the company stood at INR1,481 crores and operating EBITDA stood at INR674 crores, reflecting a Y-o-Y growth of 17% and 11%, respectively.”